Wilmington, Delaware, United States, March 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – As per a Transparency Market Research study, the global Angiography Catheters Market was valued at US$ 1.4 Bn in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2023 to 2031.
Angiography catheters have been extensively used in various diagnostic and therapeutic medical procedures to visualize blood vessels and diagnose different medical conditions such as peripheral artery disease, aneurysms, and coronary artery diseases. Angiography catheters have been used in both selective and non-selective medical procedures.
Angiography catheters have emerged as a key tool for doctors in the healthcare industry since they help diagnose and treat different disorders by accessing hard-to-reach points in the human body.
New product launches are helping well-established angiography catheter market players gain an edge over other companies. In June 2019, prominent drug manufacturer Abbott announced the launch of a new catheter with in-built sensors. The device can be inserted into the human body to perform medical surgeries or treat disorders. Leading companies are collaborating with other players to expand their presence and increase revenue share.
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Key Findings of Market Study
- The surge in Preference for Minimally Invasive Surgeries: Patient preference for minimally invasive procedures has increased in the last few years. A key factor contributing to the rise in patient preference for minimally invasive surgeries is that these medical procedures involve fewer incisions to the injured part of the human body, thereby decreasing the need for open surgery and also reducing the recovery time. Angiography catheters are used in different minimally invasive surgeries such as stent placement, angioplasty, and embolization, which help to visualize the blood vessels. The use of angiography catheters in minimally invasive surgeries has also helped with reduced infection rates, lower bleeding, and faster recovery times, which is triggering demand and helping industry growth.
- Rise in Demand from Cardiology Application Segment: Based on application, the global market has been classified into neurology, cardiology, endovascular, oncology, and others. The cardiology segment accounted for a dominant share in 2022 due to the rise in the patient population suffering from different cardiovascular diseases and the growth in patient preference for minimally invasive procedures. Cardiovascular disorders have witnessed an increase in prevalence among patients, which has fueled the need for different diagnostic medical procedures such as peripheral angiography and coronary angiography to manage these medical conditions, thereby fueling the demand for angiography catheters and driving market development.
- Increase in Demand from Hospitals: In terms of end-user, the global market has been trifurcated into hospitals, diagnostic & imaging centers, and others. The hospitals' segment accounted for a leading share in 2022. The increase in the prevalence of different cardiovascular disorders and the surge in demand for minimally invasive surgeries at hospitals has fueled the demand for angiography catheters and propelled the market. Furthermore, several medical procedures require inpatient care, which is possible only in hospitals and is likely to increase patient admissions.
Angiography Catheters Market-Key Drivers
- The increase in the prevalence of various chronic diseases such as cardiovascular diseases, respiratory diseases, and gastrointestinal disorders is driving the global angiography catheters market
- Advancements to existing products, such as the integration of intelligent systems fuel demand, thereby helping expand the angiography catheters market size.
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Angiography Catheters Market-Regional Insights
- The market in North America held a dominant share in 2022 due to an increase in the patient population suffering from various chronic diseases such as diabetes, the presence of developed healthcare infrastructure, and the surge in healthcare expenditure in countries such as the U.S. and Canada
- Europe is anticipated to witness significant growth in the market in the next few years due to favorable government policies and an increase in funding in the healthcare sector for research and development activities in countries such as Germany and the U.K.
- The market in the Asia Pacific is likely to witness solid growth during the forecast period due to a surge in patient population and developing healthcare infrastructure in India and China
Angiography Catheters Market-Key Players
The global angiography catheter market is highly competitive, with the presence of several international and local players. The entry of new players is likely to intensify competition in the next few years.
Leading players in the market are investing significantly in R&D to manufacture improved catheters that meet customer needs. An increase in demand for advanced products is likely to create business opportunities for companies in the next few years.
Key players operating in the market are
- Boston Scientific Corporation,
- Teleflex Incorporated,
- Cordis Corporation,
- Abbott, and Cook Medical.
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The global market has been segmented as follows:
Procedure
- Selective
- Non-selective
Application
- Neurology
- Cardiology
- Endovascular
- Oncology
- Others
End-user
- Hospitals
- Diagnostic & Imaging Centers
- Others
Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- Latin America
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